ENM: Gold strengthens on firm global cues, pick up in demand
NEW DELHI: Gold prices today strengthened by Rs 30 to Rs 17,970 per ten gram in the national capital on sustained buying by jewellery makers for
the ongoing marriage season amid firming overseas trend.
Silver also rose by Rs 150 to Rs 28,750 per kg on increased offtake by industrial users and coins makers.
Marketmen said sustained buying by jewellery makers on account of marriage season and reports of a firming trend in the Asian region pushed up the prices of the precious metal.
They said reports of easing tension over the Dubai debt crisis further fuelled the uptrend.
The metal in Hong Kong rose to 1,172 dollar an ounce against Friday's close of 1,145 dollars.
Standard gold and ornaments rose further by Rs 30 each to Rs 17,970 and Rs 17,820 per ten gram respectively and sovereign followed suit by gaining Rs 10 to reach Rs 13,980 per piece of eight gram.
Silver ready rose by Rs 150 to Rs 28,750 per kg while weekly-based delivery lost Rs 30 at Rs 28,135 per kg. Its coins gained Rs 100 to 34,400 for buying and Rs 34,500 for selling of 100 pieces.